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Iran says it has reopened the Strait of Hormuz to commercial traffic, but a University of British Columbia economist says it could be a while before any calm returns to rattled global oil markets.
The world has lost over US$50 billion worth of crude oil that has not been produced since the Iran war began nearly 50 days ago and the aftershock of the crisis will be felt for months and even years to come, according to analysts and Reuters calculations.
Oil prices plunged by about 13 per cent on Friday after Iran’s foreign minister said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and U.S. President Donald Trump said Iran has agreed to never close the strait again.
Europe has “maybe six weeks or so” of remaining jet fuel supplies, the head of the International Energy Agency said Thursday in a wide-ranging interview, warning of possible flight cancellations “soon” if oil supplies remain blocked by the Iran war.
Nestled in a series of unassuming industrial buildings in Delta, B.C., among companies specializing in plumbing supplies, ladders and fitness equipment, sits North America’s first electrochemical lithium refining facility.
The U.S. nearly turned into a net crude exporter last week for the first time since World War II as shipments surged close to a record high to meet demand from Asian and European buyers scrambling to replace Middle East supplies cut by the Iran war.
Leaders of some of Canada’s biggest oil and gas producers are discussing the state of their industry with investors at a private conference as the war in the Middle East continues to roil commodity markets.
A coalition of clean energy groups is calling on Ottawa to connect the country through a grid powered by renewable energy.
Canadian and U.S. stock markets surged as oil prices plunged below US$95 per barrel after U.S. President Donald Trump pulled back from his threat to destroy Iran.
Governments are prioritizing the stockpiling of critical minerals for industrial production, particularly aluminum and copper, says a Canadian commodity expert.
Alberta is sitting on one of the largest lithium resources in the world. The challenge now is proving it can actually be produced.
U.S. gas prices jumped past an average of US$4 a gallon for the first time since 2022 on Tuesday, as the Iran war pushes fuel prices to soar worldwide.
Asian countries are turning to coal as the Iran war disrupts oil and gas shipments.
The United States and Israel launched their war with Iran almost three weeks ago and the conflict has since spilled over into several other countries in the region, choked off a strategically vital oil tanker route and sent crude prices soaring, bringing the cost of fuel along for the ride.
A new report from the Canada Energy Regulator is projecting significant growth in electrical generation between now and 2050, in part due to new artificial intelligence data centres’ thirst for power.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
